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Waves price analysis: WAVES bulls mark 10 percent gain as price hits $29

Waves price analysis WAVES bulls mark percent gain as price hits

TL;DR Breakdown

  • Waves price analysis shows strong bullish signs.
  • Resistance for Waves is found at $30.8.
  • Strong support can be spotted at $27.

The Waves price analysis shows a steep increment in price today. The WAVES/USD price has been floating in the upper price envelope since the start of October, following a downtrend during the month of September. Today price breakup was upwards, and bulls covered a good range to $29.6.

The next resistance for WAVES/USD is present at $30.8, followed by another strong resistance at $32.1. In contrast, support is present at $27, which is the closing price of yesterday, followed by another support of $26.

Waves is bullish against the market trend for today, as most altcoins are down today, along with the Ethereum correcting above the $3500 range. The leader Bitcoin was also on a downtrend at the start of today’s session and depreciated to $56,702, but gained some momentum during the last 4 hours and is again above $57,000 threshold. The SHIB and WAVES are topping the charts with 14 and 10 percent improvements.

WAVES/USD 1-day price chart: Bulls defining the price function

The 1-day price chart for Waves price analysis shows bulls have successfully taken the price from $26.9 to $29.6 today, as the crypto pair is trading at the later value at the time of writing. Overall, WAVES/USD has gained a little more than 10 percent value over the last 24 hours, and if observed over the entire past week, then the coin has gained around six percent value. The trading volume has also increased tremendously by 321 percent, indicating traders’ interest in the WAVES asset.

Waves price analysis: WAVES bulls mark 10 percent gain as price hits $29 1
WAVES/USD 1-day price chart. Source: TradingView

The volatility is mild but slowly increasing as the Bollinger bands started expanding on 11th October, with the upper band at the $29.7 mark, above the price level representing a resistance level; on the contrary, the mean average is below the price level at $25.9 representing the support for WAVES/USD pair.

The relative strength index (RSI) is on a sharp verticle angle at index 59, moving towards the overbought zone, but still present at a good score in the upper half of the neutral zone, indicating increasing buying activity in the market.

Waves price analysis: Recent developments and further technical indications

The 4-hour price chart for Waves price analysis shows rejection above the $29.7 level, as the price has come down during the last hour to $29.5. Selling pressure is present at this level, as is indicated by the upper limit of the Bollinger bands.

Waves price analysis: WAVES bulls mark 10 percent gain as price hits $29 2
WAVES/USD 4-hours price chart. Source: TradingView

The volatility is increasing for the WAVES/USD pair, and the upper Bollinger band is showing more upwards divergence, giving hopes for the price to remain close to the $29 envelope, as the price is still above the upper band and now the upper band at $29.5 3 is acting as a support level for the price which stands at $29.57.

The RSI has also reached near the oversold zone but has taken a turn back during the current hours, moving around index 66; the indicator shows the slowdown in buying as the price has started to slip down slowly.

Waves price analysis: conclusion

The Waves price analysis shows the price shoot up is quite abrupt today, and most of the short-term and mid-term technical indications also support the up move of price for the coming hours. For intraday trading, if the support few decimals below the price level persist, then an upside towards $30 is possible. But if the support collapse, we expect the price to oscillate down to the $28 level. As per mid-term, the prospects for WAVES/USD are brighter.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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